Bematech Blog - January 9, 2017
Each year, new retail trends emerge and others gain traction. Retailers must embrace these trends or risk losing out to the competition. Here are seven retail trends to keep up with in 2017:
- More payment options. Mobile payments will become more prominent in 2017. According to TechCrunch, 70 percent of all mobile device users in the U.S. will make a mobile payment this year, and mobile payments in general will total $60 billion. Retailers need to determine which mobile payments they will accept or add, whether a proprietary mobile app (like Kohl’s Pay or CVS Pay) or a third-party mobile wallet options, such as Apple Pay and Samsung Pay.
- Increased use of mobile devices for “buy online, pickup in store.” Shoppers will continue to take advantage of the ability to buy online and pickup in store for the convenience and, of course, to save on shipping charges. More consumers will place orders on their mobile devices this year for in-store pickup. Retailers should optimize their mobile sites to accept these orders.
- Retailers will look at data in-store and online together to obtain shopper insights. Merchants have traditionally viewed and interpreted POS data from physical and online stores as two distinct “buckets.” However, with retail trends including consumers doing their purchasing in both channels, as well as starting their shopping journey in one channel and concluding it in another, merchants will adopt a more unified approach to data analysis to gain insight into their customers’ purchasing behaviors.
- The use of single-view and cloud solutions will become more prevalent. As the omnichannel retail model continues to take hold, retailers will leverage technology that gives them a unified view of Point of Sale (POS), inventory, and other data as a whole. Cloud solutions allow you to access this data anytime, anywhere for real-time reports.
- Loyalty programs will change. Personalization will be the name of the game in loyalty programs in 2017. More consumers will share their personal information with retailers so that the rewards they receive are tailored to their preferences and needs.
- Significant blurring of lines between in-store and other channels. Heightened demand among consumers for a truly customer-centric shopping experience will spur merchants to ensure that consumers have the same access to products and services, no matter where or how they make their purchases.
- The Internet of Things (IoT) will become a bigger force in retail. A growing number of retailers are exploring how IoT sensors can provide them with data to help them replenish stock and serve customers more quickly and efficiently.
The retail industry is changing at a more rapid pace than ever before, making it a challenge for retailers to meet consumer expectations. Even if you are aware of changing retail trends, you may have questions about the technology needed to support new processes and new levels of customer service. Your POS solutions provider can be a great resource as you plan to stay ahead of the pack in 2017 and beyond.